Equity

Intrinsic Emerging Markets ex-China Equity Strategy

The strategy targets long-term outperformance of the MSCI Emerging Markets ex-China Index (Net) with managed levels of risk by investing in high-quality companies at prices below their intrinsic values.

Products offered

Separate Account
- Intrinsic Emerging Markets ex-China Equity

Exclusive focus, stable leadership

A dedicated portfolio management team leads a disciplined, process-driven strategy with a track record spanning more than 25 years.

Quality pool: heart of the investment process

The team’s sequential approach—quality first, then valuation—provides a clear framework for identifying and investing in quality companies.

High-quality risk-adjusted returns

The team generates shareholder value via stock selection with a focus on protecting capital and participating in the long-term growth of emerging markets.

Investment approach

Quality at a compelling price

The team’s strict sequential process starts by looking for quality.

The team distills the overall emerging market universe to a pool of approximately 300 companies that best meet its quality criteria.

The team’s valuation analysis assesses each company’s long-term intrinsic value.

Companies in the quality pool are taken through multiple valuation techniques and scenario analyses to identify long-term value.

Diversified portfolio construction is based on a rigorous risk/reward framework.

The team builds quality portfolios through bottom-up stock selection and adherence to diversification, country, and sector guidelines.

The team exercises a rigorous monitoring and sell discipline.

The team monitors fundamental developments and price movements for each holding, justifies active risk exposures, and makes adjustments as appropriate.

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Composite performance

Average annual returns

(as of 9/30/2024)

7/1/2022

	1M	3M	YTD	1Y	Inception
Composite (Gross)	0.62	3.94	11.96	26.53	16.55
Composite (Net)	0.55	3.73	11.29	25.47	15.51
Benchmark	1.26	3.96	12.71	27.40	15.36

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.

Calendar year

	2023	2022
Composite (Gross)	22.76	2.69
Composite (Net)	21.61	2.20
Benchmark	20.03	1.94

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.

Our team

Meet the investment team

To provide clients high-quality risk-adjusted returns, the team uses a strict sequential process to identify quality companies with the potential to create intrinsic value.

View Team

Derrick Irwin

Co-Head of Intrinsic Emerging Markets Equity

Prashant Paroda

Portfolio Manager

Richard Peck

Portfolio Manager

Jerry Zhang

Co-Head of Intrinsic Emerging Markets Equity

Key risks

Market risk: Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments with different sectors of the market and different security types reacting differently to such developments.

Equity securities risk: Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer's products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic, and political conditions.

Small-cap securities risk: If a strategy invests in the securities of smaller-capitalization companies, these securities tend to be more volatile and less liquid than those of larger companies.

Foreign securities risk: If a strategy invests in the securities of non-U.S. issuers, these investments may be subject to lower liquidity, greater price volatility, and risks related to adverse political, regulatory, market, or economic developments and may be affected by changes in foreign currency exchange rates.

Investors should know that this strategy deployed may be subject to additional investment risks. For important information about the investment manager, please refer to Form ADV Part 2.

We look forward to helping you with your investment needs

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